Adani Energy Solutions to raise up to Rs 12,500 crore

economictimes.indiatimes.com:

Adani Energy Solutions Ltd, formerly Adani Transmission Ltd, will raise up to Rs 12,500 crore through qualified institutional placement (QIP) or other permissible mode, the company said in a regulatory filing on Monday.

«We wish to inform you that the Board of Directors of the company has approved raising of funds by way of issuance of such number of equity shares having face value of Rs 10 each for an aggregate amount not exceeding Rs 12,500 crore or an equivalent amount thereof by way of Qualified Institutional Placement (QIP) or other permissible mode, in one or more tranches,» the company said.

This will be subject to necessary approvals, including the approval of the company's members at the ensuing Annual General Meeting scheduled to be held on Tuesday, June 25, 2024, the exchange filing added.

A QIP is a fundraising method through which a company raises funds by issuing shares to eligible institutional bidders.

The company added that it will seek shareholders' approval for the fundraising at the company's Annual General Meeting scheduled on June 25, 2024. The fundraising could see international investors participate.
Shares of Adani Energy settled at Rs 1,104.00, 0.17% lower on the BSE. Benchmark Sensex ended nearly flat. The announcement came post-market hours.